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Laissez-faire
An economic system in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, and tariffs.
Capitalist Economy
An economic system where private individuals and business owners control the production, distribution, and exchange of goods and services, typically driven by profit motives.
Central Planning
An economic system where all major production, investment, and allocation decisions are made by the government or a central authority.
Government Ownership
The situation in which assets, enterprises, or industries are owned and operated by the government rather than private individuals or companies.
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